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Back to IMF, Kenya on the queue for another ksh40Billion Loan Deal

Most developing countries across the African Continent and around the globe are dependent on foreign financial aid in terms of loans and grants. Financial institutions offers this loans with some terms which the country must comply to. They access the financial reports for the particular country before dishing out another batch of money.

Kenyan government is among the developing countries and is reliant of loans to finance its budget for the particular year. The increasing government expenditure due to the huge need for development is what prompts the treasury to lobby for more money through internal and external borrowing.

The government debt as it stands is about Ksh7.8 triliion which economist terms too risky for the government if not properly managed. It may plunge the country into financial crisis as most of the revenue shall be channeled to loan repayment in future.

According to the latest government reports by citizen tv kenya, the government is stretching its hand to beg for another ksh0.4trillion to finance the 2021-2022 financial budget.

Content created and supplied by: @Rotichnews (via Opera News )

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